According to the company's 2014 annual report, the company achieved 489 million yuan in operating income in 2014, a decrease of 25.28 percent over the same period last year, while the net profit belonging to shareholders of the parent company was 15.91 million yuan, an increase of 118.59 percent over the same period last year. The net profit after deducting Feifei was-50.95 million yuan, an increase of 100000 yuan over last year's loss, and basic earnings per share.

Comments:

The main electrical business is still in the doldrums, asset replacement led to a big increase in investment income. The operating income of the company's main electrical appliance business was 480 million, down 3.38% from the same period last year. The main gross profit margin was 41.24%, a decrease of 0.04 percentage points over the previous year. The increase in net profit from homing is mainly due to an increase of 6201.65% in investment income over the previous year, mainly due to the replacement of assets during the reporting period.

Internet finance attacks the city and pulls out the village. Since the company officially set foot in the field of financial payment at the end of 2013, after nearly a year of careful construction, the company has completed the technical construction of a small micro payment platform and a value-added service management platform, and officially launched a trial operation in Guizhou Province in 2015. at present, the average daily processing capital is nearly 200 million. In terms of market, at present, the company has signed smart city strategic cooperation agreements with Zunyi City, Guizhou Province, Linfen City, Shanxi Province, Baoding City, Hebei Province, and Baoshan City, Yunnan Province, with these cities as the center to radiate small and micro financial services throughout the province, and even the whole country. it has laid a solid foundation for the promotion of small and micro financial services.

Be optimistic about the Internet financial model that the company is good for Sifang. Through the comprehensive transformation of Internet financial integrated service providers through Guohua Huiyin, the company obtains data assets such as flow information of small and micro merchants, payment information of individual customers, consumption habits and so on through payment. to provide credit inquiry means for small and micro loan services for individuals and small and micro enterprises in the future, and to achieve accurate marketing of all kinds of goods locally. In addition, the interface with major banks can be opened to build a credit bridge between banks and small and micro businesses and individual consumers. The company can get the commission income of the matchmaking deal without taking the risk. We are optimistic about the company's Internet financial model, which is beneficial to the Sifang.

Earnings forecast: the company's EPS from 2015 to 2017 is expected to be 0.31,0.43 and 0.58 respectively, and the corresponding price-to-earnings ratios are 70X, 50X and 37X respectively, maintaining the "overweight" rating.